Oil prices slide on world economy worries
LONDON AFP - Oil prices fell heavily Monday in line with stock markets on renewed concerns for the global economy- traders said. ...
Mon 30th March 2009 - 10:17pm
LONDON AFP - Oil prices fell heavily Monday in line with stock markets on renewed concerns for the global economy- traders said. ...
Mon 30th March 2009 - 10:17pm
GM- Chrysler set new rescue deadlines
The White House set US automakers tough new deadlines to avoid bankruptcy. ...
Mon 30th March 2009 - 09:51pm
The White House set US automakers tough new deadlines to avoid bankruptcy. ...
Mon 30th March 2009 - 09:51pm
British lender bought- after govt withdraws offer
LONDON AFP - Scotlands biggest building society has been saved from collapse through its sale to larger lender Nationwide after the government failed to bail it out- the Bank of England said Monday. ...
Mon 30th March 2009 - 09:48pm
LONDON AFP - Scotlands biggest building society has been saved from collapse through its sale to larger lender Nationwide after the government failed to bail it out- the Bank of England said Monday. ...
Mon 30th March 2009 - 09:48pm
OECD chief says blocs GDP may shrink 4.3
ROME AFP - The economies of the Organisation of Economic Cooperation and Development may shrink 4. ...
Mon 30th March 2009 - 09:35pm
ROME AFP - The economies of the Organisation of Economic Cooperation and Development may shrink 4. ...
Mon 30th March 2009 - 09:35pm
Oil falls below $51- US dollar strengthens
LONDON- March 30 - Oil fell below $51 a barrel on Monday- extending the previous sessions losses- pressured by a stronger U.S. dollar and a slump on global stock markets. ...
Mon 30th March 2009 - 09:17pm
LONDON- March 30 - Oil fell below $51 a barrel on Monday- extending the previous sessions losses- pressured by a stronger U.S. dollar and a slump on global stock markets. ...
Mon 30th March 2009 - 09:17pm
Oil prices fall heavily on economy concerns
LONDON AFP - Oil prices fell heavily Monday in line with stock markets on renewed concerns for the global economy- traders said. ...
Mon 30th March 2009 - 08:49pm
LONDON AFP - Oil prices fell heavily Monday in line with stock markets on renewed concerns for the global economy- traders said. ...
Mon 30th March 2009 - 08:49pm
World stocks plummet as auto sector reels
LONDON AFP - European and Asian stock markets dived on Monday as fresh woes for the global auto sector and extremely weak economic data triggered a rush to dump shares- traders said. ...
Mon 30th March 2009 - 08:28pm
LONDON AFP - European and Asian stock markets dived on Monday as fresh woes for the global auto sector and extremely weak economic data triggered a rush to dump shares- traders said. ...
Mon 30th March 2009 - 08:28pm
Service standards down at Aust airports- ACCC
The consumer watchdog has found that service quality has fallen at the countrys five major airports. ...
Mon 30th March 2009 - 08:25pm
The consumer watchdog has found that service quality has fallen at the countrys five major airports. ...
Mon 30th March 2009 - 08:25pm
Dollar slumps against yen on US auto worries
TOKYO AFP - The dollar slumped against the yen in Asian trade Monday on fresh worries about struggling US carmakers General Motors and Chrysler after a task force said their plans for recovery are -amp quotnot viable. -amp quot ...
Mon 30th March 2009 - 08:14pm
TOKYO AFP - The dollar slumped against the yen in Asian trade Monday on fresh worries about struggling US carmakers General Motors and Chrysler after a task force said their plans for recovery are -amp quotnot viable. -amp quot ...
Mon 30th March 2009 - 08:14pm
GM boss quits ahead of Obama's auto plan
US President Barack Obama has stepped up pressure on the American automobile industry by forcing General Motors head Rick Wagoner to resign. ...
Mon 30th March 2009 - 07:51pm
US President Barack Obama has stepped up pressure on the American automobile industry by forcing General Motors head Rick Wagoner to resign. ...
Mon 30th March 2009 - 07:51pm
GM- Chrysler 'fail to offer viable plan'
GM and Chrysler have failed to lay out viable plans for their ailing companies- the White House says- in a tough review of the auto industry. ...
Mon 30th March 2009 - 07:48pm
GM and Chrysler have failed to lay out viable plans for their ailing companies- the White House says- in a tough review of the auto industry. ...
Mon 30th March 2009 - 07:48pm
Holden monitoring Obama's auto plan
Australian car producer Holden says it is watching with interest moves by the Obama administration to restructure the US car industry. ...
Mon 30th March 2009 - 07:28pm
Australian car producer Holden says it is watching with interest moves by the Obama administration to restructure the US car industry. ...
Mon 30th March 2009 - 07:28pm
Govt lifeline for NW carpet factory
The Tasmanian Government has stepped in to save more than 150 jobs at a north-west carpet weaver. ...
Mon 30th March 2009 - 07:28pm
The Tasmanian Government has stepped in to save more than 150 jobs at a north-west carpet weaver. ...
Mon 30th March 2009 - 07:28pm
Oil falls below $51- US dollar strengthens
LONDON- March 30 - Oil fell below $51 a barrel on Monday- extending the previous the sessions losses- pressured by a stronger U.S. dollar and a slump on global stock markets. ...
Mon 30th March 2009 - 07:23pm
LONDON- March 30 - Oil fell below $51 a barrel on Monday- extending the previous the sessions losses- pressured by a stronger U.S. dollar and a slump on global stock markets. ...
Mon 30th March 2009 - 07:23pm
Holden monitoring Obama's auto plan
Australian car producer Holden says it is watching with interest moves by the Obama administration to restructure the US car industry. ...
Mon 30th March 2009 - 07:12pm
Australian car producer Holden says it is watching with interest moves by the Obama administration to restructure the US car industry. ...
Mon 30th March 2009 - 07:12pm
Union slams BankWest job cuts measure
The sharply contracting economy is responsible for the loss of 400 jobs at BankWest says the Commonwealth Bank. ...
Mon 30th March 2009 - 06:58pm
The sharply contracting economy is responsible for the loss of 400 jobs at BankWest says the Commonwealth Bank. ...
Mon 30th March 2009 - 06:58pm
Creditors to vote on Raptis Group future
Creditors of the Raptis Group will be asked to back a plan to resurrect the fallen Queensland land developer. ...
Mon 30th March 2009 - 06:49pm
Creditors of the Raptis Group will be asked to back a plan to resurrect the fallen Queensland land developer. ...
Mon 30th March 2009 - 06:49pm
Creditors to vote on Raptis Group future
Creditors of the Raptis Group will be asked to back a plan to resurrect the fallen Queensland land developer. ...
Mon 30th March 2009 - 06:37pm
Creditors of the Raptis Group will be asked to back a plan to resurrect the fallen Queensland land developer. ...
Mon 30th March 2009 - 06:37pm
Bankruptcies- liquidations on the rise
Bankruptcies and liquidations have increased as the economic downturn continues to bite- says Australia's tax chief. ...
Mon 30th March 2009 - 06:29pm
Bankruptcies and liquidations have increased as the economic downturn continues to bite- says Australia's tax chief. ...
Mon 30th March 2009 - 06:29pm
WorkCover losses on the rise
South Australias workers compensation agency WorkCover has reported a loss of more than $300 million in the six months to December. ...
Mon 30th March 2009 - 06:29pm
South Australias workers compensation agency WorkCover has reported a loss of more than $300 million in the six months to December. ...
Mon 30th March 2009 - 06:29pm
WorkCover losses on the rise
South Australias workers compensation agency WorkCover has reported a loss of more than $300 million in the six months to December. ...
Mon 30th March 2009 - 06:27pm
South Australias workers compensation agency WorkCover has reported a loss of more than $300 million in the six months to December. ...
Mon 30th March 2009 - 06:27pm
Blackout affects Sydneys CBD
There have been power blackouts across central Sydney and the citys east. ...
Mon 30th March 2009 - 06:25pm
There have been power blackouts across central Sydney and the citys east. ...
Mon 30th March 2009 - 06:25pm
Taxpayers' bonus cheques hang in balance
Bonus cheques of up to $900 for some eight million taxpayers hang in the balance as a High Court challenge puts the tax office into a holding pattern. ...
Mon 30th March 2009 - 06:24pm
Bonus cheques of up to $900 for some eight million taxpayers hang in the balance as a High Court challenge puts the tax office into a holding pattern. ...
Mon 30th March 2009 - 06:24pm
Blackout affects Sydneys CBD
There have been power blackouts across central Sydney and the citys east. ...
Mon 30th March 2009 - 06:22pm
There have been power blackouts across central Sydney and the citys east. ...
Mon 30th March 2009 - 06:22pm
Atlas Iron delivers first ore shipment
Atlas Iron Ltd's first iron ore shipment to a long-term customer is on its way to China after loading was completed over the weekend. ...
Mon 30th March 2009 - 05:56pm
Atlas Iron Ltd's first iron ore shipment to a long-term customer is on its way to China after loading was completed over the weekend. ...
Mon 30th March 2009 - 05:56pm
Fitch upgrades Lion Nathan rating
Australasian brewing giant Lion Nathan's ties with Japanese brewer Kirin has seen its rating for its ability to meet long-term debts upgraded. ...
Mon 30th March 2009 - 05:53pm
Australasian brewing giant Lion Nathan's ties with Japanese brewer Kirin has seen its rating for its ability to meet long-term debts upgraded. ...
Mon 30th March 2009 - 05:53pm
Tax havens under international spotlight
Australian taxpayers splurging on luxury goods and seeking tax havens are under the international spotlight. ...
Mon 30th March 2009 - 05:51pm
Australian taxpayers splurging on luxury goods and seeking tax havens are under the international spotlight. ...
Mon 30th March 2009 - 05:51pm
Qantas takes hard line over unauthorised airport strikes
Qantas says it makes no apology for taking a hard line against this mornings industrial action at five airports around the country. ...
Mon 30th March 2009 - 05:47pm
Qantas says it makes no apology for taking a hard line against this mornings industrial action at five airports around the country. ...
Mon 30th March 2009 - 05:47pm
Market starts week in the red
Falls in the resources sector have helped to pull the Australian share market down for the first time in six trading days. ...
Mon 30th March 2009 - 05:41pm
Falls in the resources sector have helped to pull the Australian share market down for the first time in six trading days. ...
Mon 30th March 2009 - 05:41pm
Blackout affects Sydneys CBD
There have been power blackouts across central Sydney and the citys east. ...
Mon 30th March 2009 - 05:31pm
There have been power blackouts across central Sydney and the citys east. ...
Mon 30th March 2009 - 05:31pm
Patersons in $2m merger with Tolhurst
Patersons Securities Ltd re-emerged for business on Monday after its merger with the stockbroking business Tolhurst Ltd. ...
Mon 30th March 2009 - 05:25pm
Patersons Securities Ltd re-emerged for business on Monday after its merger with the stockbroking business Tolhurst Ltd. ...
Mon 30th March 2009 - 05:25pm
GM boss quits ahead of Obama's auto plan
US President Barack Obama has stepped up pressure on the American automobile industry by forcing General Motors head Rick Wagoner to resign. ...
Mon 30th March 2009 - 05:19pm
US President Barack Obama has stepped up pressure on the American automobile industry by forcing General Motors head Rick Wagoner to resign. ...
Mon 30th March 2009 - 05:19pm
Blackout affects Sydneys CBD
There have been power blackouts across central Sydney and the citys east. ...
Mon 30th March 2009 - 05:18pm
There have been power blackouts across central Sydney and the citys east. ...
Mon 30th March 2009 - 05:18pm
NSX shareholders move to dump directors
Independent market operator NSX Ltd has received a requisition notice demanding that it convene a shareholders' meeting to consider removing six directors. ...
Mon 30th March 2009 - 05:13pm
Independent market operator NSX Ltd has received a requisition notice demanding that it convene a shareholders' meeting to consider removing six directors. ...
Mon 30th March 2009 - 05:13pm
Australia shares drop 1.9 on banks- U.S. auto woes
SYDNEY- March 30 - Australian stocks ended down 1.9 percent on Monday as top financials such as National Australia Bank NAB fell on renewed worries over the global economy and most resources stocks fell on weaker commodities prices. ...
Mon 30th March 2009 - 04:58pm
SYDNEY- March 30 - Australian stocks ended down 1.9 percent on Monday as top financials such as National Australia Bank NAB fell on renewed worries over the global economy and most resources stocks fell on weaker commodities prices. ...
Mon 30th March 2009 - 04:58pm
Baggage delay hits Qantas- Jetstar travellers
Baggage handlers in Adelaide have returned to work after a meeting to discuss job security. ...
Mon 30th March 2009 - 04:53pm
Baggage handlers in Adelaide have returned to work after a meeting to discuss job security. ...
Mon 30th March 2009 - 04:53pm
Aussie dollar falls 2 pct- hurt by U.S. auto news
SYDNEY- March 30 - The Australian dollar fell to its lowest in more than a week on Monday- retreating from multi-month highs as the possibility some U.S. car makers may go bust hurt investor risk appetite across financial markets. ...
Mon 30th March 2009 - 04:50pm
SYDNEY- March 30 - The Australian dollar fell to its lowest in more than a week on Monday- retreating from multi-month highs as the possibility some U.S. car makers may go bust hurt investor risk appetite across financial markets. ...
Mon 30th March 2009 - 04:50pm
Minmetals continues OZ Minerals talks
Chinese state-owned Minmetals remains in talks with Australian regulators about a revised takeover bid for OZ Minerals on the brink of administration. ...
Mon 30th March 2009 - 04:45pm
Chinese state-owned Minmetals remains in talks with Australian regulators about a revised takeover bid for OZ Minerals on the brink of administration. ...
Mon 30th March 2009 - 04:45pm
Qantas takes hard line over unauthorised airport strikes
Qantas says it makes no apology for taking a hard line against this mornings industrial action at five airports around the country. ...
Mon 30th March 2009 - 04:44pm
Qantas says it makes no apology for taking a hard line against this mornings industrial action at five airports around the country. ...
Mon 30th March 2009 - 04:44pm
Smith willing to open travel rights for Oppn MPs
Foreign Minister Stephen Smith says he is open to extending foreign travel entitlements for relevant opposition members- although he says the Howard government refused to do so. ...
Mon 30th March 2009 - 04:40pm
Foreign Minister Stephen Smith says he is open to extending foreign travel entitlements for relevant opposition members- although he says the Howard government refused to do so. ...
Mon 30th March 2009 - 04:40pm
Baggage delay hits Qantas- Jetstar travellers
Baggage handlers in Adelaide have returned to work after a meeting to discuss a strike in Sydney. ...
Mon 30th March 2009 - 04:31pm
Baggage handlers in Adelaide have returned to work after a meeting to discuss a strike in Sydney. ...
Mon 30th March 2009 - 04:31pm
Asian Markets Overview of March 30
Sydney- Australia- Mar 30- 2009 - ABN Newswire - Most Asian markets started the trading session with volatility on Monday after US stocks retreated on Friday. Tokyo and Seoul shares opened flat- and soon proceeded to a negative territory. Today Investors are also awaiting US government to unveil its plan to help the auto industry.Asia Economy WatchJapans Ministry of Economy- Trade and Industry said the countrys industrial output fell 9. ...
Mon 30th March 2009 - 04:28pm
Sydney- Australia- Mar 30- 2009 - ABN Newswire - Most Asian markets started the trading session with volatility on Monday after US stocks retreated on Friday. Tokyo and Seoul shares opened flat- and soon proceeded to a negative territory. Today Investors are also awaiting US government to unveil its plan to help the auto industry.Asia Economy WatchJapans Ministry of Economy- Trade and Industry said the countrys industrial output fell 9. ...
Mon 30th March 2009 - 04:28pm
Market starts week in the red
The Australian share market has dropped deeper in to the red in late trade to post its first fall in six trading days. ...
Mon 30th March 2009 - 04:26pm
The Australian share market has dropped deeper in to the red in late trade to post its first fall in six trading days. ...
Mon 30th March 2009 - 04:26pm
Creditors about to learn fate of Raptis
Creditors of the Raptis Group will have a clearer idea on Tuesday about the fate of the fallen Queensland land developer. ...
Mon 30th March 2009 - 04:19pm
Creditors of the Raptis Group will have a clearer idea on Tuesday about the fate of the fallen Queensland land developer. ...
Mon 30th March 2009 - 04:19pm
Taxpayers' bonus cheques hang in balance
More than seven million taxpayers' cheques hang in the balance as a High Court challenge puts the tax office into a holding pattern. ...
Mon 30th March 2009 - 04:18pm
More than seven million taxpayers' cheques hang in the balance as a High Court challenge puts the tax office into a holding pattern. ...
Mon 30th March 2009 - 04:18pm
Australia shares drop 1.9 on banks- U.S. auto woes
SYDNEY- March 30 - Australian stocks ended down 1.9 percent on Monday as top financials such as National Australia Bank NAB fell on renewed worries over the global economy. ...
Mon 30th March 2009 - 04:18pm
SYDNEY- March 30 - Australian stocks ended down 1.9 percent on Monday as top financials such as National Australia Bank NAB fell on renewed worries over the global economy. ...
Mon 30th March 2009 - 04:18pm
White House pressures GM chief to quit
US automaker General Motors has confirmed the immediate resignation of Rick Wagoner as chairman and chief executive officer of the company. ...
Mon 30th March 2009 - 04:15pm
US automaker General Motors has confirmed the immediate resignation of Rick Wagoner as chairman and chief executive officer of the company. ...
Mon 30th March 2009 - 04:15pm
Taxpayers' bonus cheques hang in balance
More than seven million taxpayers' cheques hang in the balance as a High Court challenge puts the tax office into a holding pattern. ...
Mon 30th March 2009 - 03:59pm
More than seven million taxpayers' cheques hang in the balance as a High Court challenge puts the tax office into a holding pattern. ...
Mon 30th March 2009 - 03:59pm
Govt to announce broadband tender next week
The winner of the Federal Governments multi-billion dollar national broadband network tender is expected to be announced next week. ...
Mon 30th March 2009 - 03:58pm
The winner of the Federal Governments multi-billion dollar national broadband network tender is expected to be announced next week. ...
Mon 30th March 2009 - 03:58pm
Atlas Iron delivers first ore shipment
Atlas Iron Ltd's first iron ore shipment to a long-term customer is on its way to China after loading was completed over the weekend. ...
Mon 30th March 2009 - 03:57pm
Atlas Iron Ltd's first iron ore shipment to a long-term customer is on its way to China after loading was completed over the weekend. ...
Mon 30th March 2009 - 03:57pm
Baggage delay hits Qantas- Jetstar travellers
Baggage handlers in Adelaide have returned to work after a meeting to discuss a strike in Sydney. ...
Mon 30th March 2009 - 03:56pm
Baggage handlers in Adelaide have returned to work after a meeting to discuss a strike in Sydney. ...
Mon 30th March 2009 - 03:56pm
Baggage delay hits Qantas- Jetstar travellers
Baggage handlers in Adelaide have returned to work after a meeting to discuss a strike in Sydney. ...
Mon 30th March 2009 - 03:54pm
Baggage handlers in Adelaide have returned to work after a meeting to discuss a strike in Sydney. ...
Mon 30th March 2009 - 03:54pm
Australia shares down 1.9 pct- oil firms fall
SYDNEY- March 30 - Australian stocks extended their losses to 1.9 percent on Monday- pulled down by the top banks- after fresh worries about the health of the financial sector saw Wall Street stocks sold off on Friday. ...
Mon 30th March 2009 - 03:29pm
SYDNEY- March 30 - Australian stocks extended their losses to 1.9 percent on Monday- pulled down by the top banks- after fresh worries about the health of the financial sector saw Wall Street stocks sold off on Friday. ...
Mon 30th March 2009 - 03:29pm
Terramin secures $46m for Algerian mine
Shares in Terramin Australia soared after the zinc miner announced separate strategic partnerships to help fund its Tala Hamza mine development in Algeria. ...
Mon 30th March 2009 - 03:23pm
Shares in Terramin Australia soared after the zinc miner announced separate strategic partnerships to help fund its Tala Hamza mine development in Algeria. ...
Mon 30th March 2009 - 03:23pm
NSX shareholders move to dump directors
Independent market operator NSX Ltd has received a requisition notice demanding that it convene a shareholders' meeting to consider removing six directors. ...
Mon 30th March 2009 - 02:57pm
Independent market operator NSX Ltd has received a requisition notice demanding that it convene a shareholders' meeting to consider removing six directors. ...
Mon 30th March 2009 - 02:57pm
Japan factory output dives 9.4 per cent
Japan's industrial output plunged 9.4 per cent in February from the previous month as companies slashed production to cope with the global recession. ...
Mon 30th March 2009 - 02:40pm
Japan's industrial output plunged 9.4 per cent in February from the previous month as companies slashed production to cope with the global recession. ...
Mon 30th March 2009 - 02:40pm
Summit calls on Govt to sever alcohol-sport link
A national drug and alcohol research group says the Federal Government will have to modernise its attitude to alcohol advertising and sport. ...
Mon 30th March 2009 - 02:28pm
A national drug and alcohol research group says the Federal Government will have to modernise its attitude to alcohol advertising and sport. ...
Mon 30th March 2009 - 02:28pm
Australian hedge funds slip into the red
Australian hedge funds slipped into the red in February but their declines were less than that of major sharemarket indices in Australia and the US- data shows. ...
Mon 30th March 2009 - 02:27pm
Australian hedge funds slipped into the red in February but their declines were less than that of major sharemarket indices in Australia and the US- data shows. ...
Mon 30th March 2009 - 02:27pm
Job cuts will stabilise BankWest- WA
The loss of 400 jobs at BankWest will -amp quotstabilise -amp quot the bank- West Australian Premier Colin Barnett says. ...
Mon 30th March 2009 - 02:24pm
The loss of 400 jobs at BankWest will -amp quotstabilise -amp quot the bank- West Australian Premier Colin Barnett says. ...
Mon 30th March 2009 - 02:24pm
CityView Corporation Limited ASX-CVI Announces Drill Rig Supplier for Cachoeiras and Longonjo
Perth- Australia- Mar 30- 2009 - ABN Newswire - CityView Corporation Limited ASX-CVIPINK- ...
Mon 30th March 2009 - 01:59pm
Perth- Australia- Mar 30- 2009 - ABN Newswire - CityView Corporation Limited ASX-CVIPINK- ...
Mon 30th March 2009 - 01:59pm
White House pressures GM chief to quit
General Motors Corp Chairman and CEO Rick Wagoner will step down immediately at the request of the White House- administration officials say. ...
Mon 30th March 2009 - 01:56pm
General Motors Corp Chairman and CEO Rick Wagoner will step down immediately at the request of the White House- administration officials say. ...
Mon 30th March 2009 - 01:56pm
Long delays at Adelaide Airport
Passengers at the Adelaide Airport are facing delays of up to three hours as baggage handlers join interstate colleagues to protest against Qantas outsourcing jobs. ...
Mon 30th March 2009 - 01:52pm
Passengers at the Adelaide Airport are facing delays of up to three hours as baggage handlers join interstate colleagues to protest against Qantas outsourcing jobs. ...
Mon 30th March 2009 - 01:52pm
Govt to announce broadband tender next week
The winner of the Federal Governments multi-billion dollar national broadband network tender is expected to be announced next week. ...
Mon 30th March 2009 - 01:43pm
The winner of the Federal Governments multi-billion dollar national broadband network tender is expected to be announced next week. ...
Mon 30th March 2009 - 01:43pm
Union urges Swan- Barnett to save Bankwest jobs
The Finance Sector Union has called on WA Premier Colin Barnett and Federal Treasurer Wayne Swan to intervene in Bankwests decision to cut 400 jobs. ...
Mon 30th March 2009 - 01:41pm
The Finance Sector Union has called on WA Premier Colin Barnett and Federal Treasurer Wayne Swan to intervene in Bankwests decision to cut 400 jobs. ...
Mon 30th March 2009 - 01:41pm
Nanosonics Limited ASX-NAN Commences Production And Commercial First Sales of Trophon EPR
Sydney- Australia- Mar 30- 2009 - ABN Newswire - Nanosonics Limited ASX-NAN is pleased to announce that it has commenced production and commercial sale of its breakthrough TrophonTM EPR ultrasound probe disinfector system- through distribution partners in New Zealand and Australia. ...
Mon 30th March 2009 - 01:40pm
Sydney- Australia- Mar 30- 2009 - ABN Newswire - Nanosonics Limited ASX-NAN is pleased to announce that it has commenced production and commercial sale of its breakthrough TrophonTM EPR ultrasound probe disinfector system- through distribution partners in New Zealand and Australia. ...
Mon 30th March 2009 - 01:40pm
Rising new home sales continue to buck downturn
There has been a rise in new home sales for a second consecutive month. ...
Mon 30th March 2009 - 01:38pm
There has been a rise in new home sales for a second consecutive month. ...
Mon 30th March 2009 - 01:38pm
Macquarie takes aim at BrisConnections
Macquarie Group Ltd says it has begun legal action over contracts related to toll road company BrisConnections. ...
Mon 30th March 2009 - 01:35pm
Macquarie Group Ltd says it has begun legal action over contracts related to toll road company BrisConnections. ...
Mon 30th March 2009 - 01:35pm
New home sales rise for second month
Sales of new homes rose for a second straight month in February as lower interest rates and government grants enticed buyers- a survey shows. ...
Mon 30th March 2009 - 01:33pm
Sales of new homes rose for a second straight month in February as lower interest rates and government grants enticed buyers- a survey shows. ...
Mon 30th March 2009 - 01:33pm
Union urges Swan- Barnett to save Bankwest jobs
The Finance Sector Union has called on WA Premier Colin Barnett and Federal Treasurer Wayne Swan to intervene in Bankwests decision to cut 400 jobs. ...
Mon 30th March 2009 - 01:33pm
The Finance Sector Union has called on WA Premier Colin Barnett and Federal Treasurer Wayne Swan to intervene in Bankwests decision to cut 400 jobs. ...
Mon 30th March 2009 - 01:33pm
Union urges Swan- Barnett to save Bankwest jobs
The Finance Sector Union has called on WA Premier Colin Barnett and Federal Treasurer Wayne Swan to intervene in Bankwests decision to cut 400 jobs. ...
Mon 30th March 2009 - 01:32pm
The Finance Sector Union has called on WA Premier Colin Barnett and Federal Treasurer Wayne Swan to intervene in Bankwests decision to cut 400 jobs. ...
Mon 30th March 2009 - 01:32pm
Australian Market Report of March 30- A Slowdown after Weeks of Rallies
Sydney- Australia- Mar 30- 2009 - ABN Newswire - US stocks fell on Friday dragged by financial firms. Commodities producers also weighed down the market as oil and metal prices were lower. But on the week Dow index still surged 6.8.The Australian share closed slightly higher lifted by miners. The benchmark S -amp ampP-ASX200 index ended the day up 0.7- or 25.7 points- at 3672.3- while the broader All Ordinaries index rose 0.8- or 29. ...
Mon 30th March 2009 - 01:30pm
Sydney- Australia- Mar 30- 2009 - ABN Newswire - US stocks fell on Friday dragged by financial firms. Commodities producers also weighed down the market as oil and metal prices were lower. But on the week Dow index still surged 6.8.The Australian share closed slightly higher lifted by miners. The benchmark S -amp ampP-ASX200 index ended the day up 0.7- or 25.7 points- at 3672.3- while the broader All Ordinaries index rose 0.8- or 29. ...
Mon 30th March 2009 - 01:30pm
Level crossing upgrades will save lives- truckies
The Australian trucking industry says $150 million in upgrades to the nations level crossings is good news- despite the funding only being enough to fix 3 per cent of problem crossings. ...
Mon 30th March 2009 - 01:22pm
The Australian trucking industry says $150 million in upgrades to the nations level crossings is good news- despite the funding only being enough to fix 3 per cent of problem crossings. ...
Mon 30th March 2009 - 01:22pm
China has to buy US Treasuries- analysts
China has to keep buying US Treasuries despite concerns about the safety of its US assets- amid reports it has lost billions of dollars in forex- analysts say. ...
Mon 30th March 2009 - 01:21pm
China has to keep buying US Treasuries despite concerns about the safety of its US assets- amid reports it has lost billions of dollars in forex- analysts say. ...
Mon 30th March 2009 - 01:21pm
Level crossing upgrades will save lives- truckies
The Australian trucking industry says $150 million in upgrades to the nations level crossings is good news- despite the funding only being enough to fix 3 per cent of problem crossings. ...
Mon 30th March 2009 - 01:21pm
The Australian trucking industry says $150 million in upgrades to the nations level crossings is good news- despite the funding only being enough to fix 3 per cent of problem crossings. ...
Mon 30th March 2009 - 01:21pm
Book industry war a real page-turner
If it aint broke- dont fix it. Thats the view of Australian authors and publishers who are fighting a move to change the law to allow a flow of cheaper imported books into the country. ...
Mon 30th March 2009 - 01:18pm
If it aint broke- dont fix it. Thats the view of Australian authors and publishers who are fighting a move to change the law to allow a flow of cheaper imported books into the country. ...
Mon 30th March 2009 - 01:18pm
Book industry war a real page-turner
If it aint broke- dont fix it. ...
Mon 30th March 2009 - 01:11pm
If it aint broke- dont fix it. ...
Mon 30th March 2009 - 01:11pm
National strike causes airport chaos
Qantas workers have brought airports to a standstill and disrupted flights around Australia in a strike over security concerns. ...
Mon 30th March 2009 - 12:57pm
Qantas workers have brought airports to a standstill and disrupted flights around Australia in a strike over security concerns. ...
Mon 30th March 2009 - 12:57pm
National strike causes airport chaos
Qantas workers have brought airports to a standstill and disrupted flights around Australia in a strike over security concerns. ...
Mon 30th March 2009 - 12:55pm
Qantas workers have brought airports to a standstill and disrupted flights around Australia in a strike over security concerns. ...
Mon 30th March 2009 - 12:55pm
Chinese company saves Aussie jobs
A deal with a Chinese company has ended weeks of uncertainty for workers at gearbox maker Drivetrain Systems International DSI in southern NSW. ...
Mon 30th March 2009 - 12:54pm
A deal with a Chinese company has ended weeks of uncertainty for workers at gearbox maker Drivetrain Systems International DSI in southern NSW. ...
Mon 30th March 2009 - 12:54pm
Long delays at Adelaide Airport
Passengers at the Adelaide Airport are facing delays of up to three hours as baggage handlers join interstate colleagues to protest against Qantas outsourcing jobs. ...
Mon 30th March 2009 - 12:45pm
Passengers at the Adelaide Airport are facing delays of up to three hours as baggage handlers join interstate colleagues to protest against Qantas outsourcing jobs. ...
Mon 30th March 2009 - 12:45pm
Australia shares down 1.4 pct- Terramin jumps
SYDNEY- March 30 - Australian stocks fell 1.4 percent on Monday- pulled down by the top banks- after fresh worries about the health of the financial sector saw Wall Street stocks sold off on Friday. ...
Mon 30th March 2009 - 12:42pm
SYDNEY- March 30 - Australian stocks fell 1.4 percent on Monday- pulled down by the top banks- after fresh worries about the health of the financial sector saw Wall Street stocks sold off on Friday. ...
Mon 30th March 2009 - 12:42pm
Bankwest to cut 400 jobs
The West Australian-based Bankwest has blamed a sharply contracting economy for cutting 400 jobs. ...
Mon 30th March 2009 - 12:39pm
The West Australian-based Bankwest has blamed a sharply contracting economy for cutting 400 jobs. ...
Mon 30th March 2009 - 12:39pm
Delays at Adelaide Airport
Passengers at the Adelaide Airport are facing delays of up to three hours as baggage handlers join interstate colleagues to protest against Qantas outsourcing jobs. ...
Mon 30th March 2009 - 12:38pm
Passengers at the Adelaide Airport are facing delays of up to three hours as baggage handlers join interstate colleagues to protest against Qantas outsourcing jobs. ...
Mon 30th March 2009 - 12:38pm
Oil falls near 2 pct to below $52 on profit-taking
PERTH- March 30 - Oil fell near 2 percent to below $52 a barrel on Monday- extending the previous sessions losses- as a bleak near-term energy demand outlook prompted investors to take profit on oils recent rally. ...
Mon 30th March 2009 - 12:37pm
PERTH- March 30 - Oil fell near 2 percent to below $52 a barrel on Monday- extending the previous sessions losses- as a bleak near-term energy demand outlook prompted investors to take profit on oils recent rally. ...
Mon 30th March 2009 - 12:37pm
Crackdown on door-to-door traders
The South Australian Office of Consumer and Business Affairs is cracking down on illegal door-to-door traders after an increase in the number of complaints from the public. ...
Mon 30th March 2009 - 12:31pm
The South Australian Office of Consumer and Business Affairs is cracking down on illegal door-to-door traders after an increase in the number of complaints from the public. ...
Mon 30th March 2009 - 12:31pm
New home sales rise for second month
Sales of new homes rose for a second straight month in February as lower interest rates and government grants enticed buyers- a survey shows. ...
Mon 30th March 2009 - 12:22pm
Sales of new homes rose for a second straight month in February as lower interest rates and government grants enticed buyers- a survey shows. ...
Mon 30th March 2009 - 12:22pm
National strike causes airport chaos
Qantas workers have brought airports to a standstill and disrupted flights around Australia in a strike over security concerns. ...
Mon 30th March 2009 - 12:13pm
Qantas workers have brought airports to a standstill and disrupted flights around Australia in a strike over security concerns. ...
Mon 30th March 2009 - 12:13pm
Macquarie takes aim at BrisConnections
Macquarie Group Ltd says it has begun legal action against tollroad company BrisConnections to ensure its contractual obligations are fulfilled. ...
Mon 30th March 2009 - 12:12pm
Macquarie Group Ltd says it has begun legal action against tollroad company BrisConnections to ensure its contractual obligations are fulfilled. ...
Mon 30th March 2009 - 12:12pm
Bankwest to cut 400 jobs
The Western Australian-based Bankwest has blamed a sharply contracting economy for cutting 400 jobs. ...
Mon 30th March 2009 - 11:54am
The Western Australian-based Bankwest has blamed a sharply contracting economy for cutting 400 jobs. ...
Mon 30th March 2009 - 11:54am
Minmetals resumes talks on OZ Min deal
Chinese state-owned Minmetals says it remains in talks with Australian regulators about a revised takeover offer for debt-laded miner OZ Minerals Ltd. ...
Mon 30th March 2009 - 11:36am
Chinese state-owned Minmetals says it remains in talks with Australian regulators about a revised takeover offer for debt-laded miner OZ Minerals Ltd. ...
Mon 30th March 2009 - 11:36am
Japan factory output dives 9.4 per cent
Japan's industrial output plunged 9.4 per cent in February from the previous month as companies slashed production to cope with the global recession. ...
Mon 30th March 2009 - 11:30am
Japan's industrial output plunged 9.4 per cent in February from the previous month as companies slashed production to cope with the global recession. ...
Mon 30th March 2009 - 11:30am
Oil falls over 2 pct towards $51 on profit-taking
PERTH- March 30 - Oil fell over 2 percent towards $51 a barrel on Monday- extending the previous sessions losses- as a bleak near term energy demand outlook prompted investors to take profits on oils recent rally. ...
Mon 30th March 2009 - 11:27am
PERTH- March 30 - Oil fell over 2 percent towards $51 a barrel on Monday- extending the previous sessions losses- as a bleak near term energy demand outlook prompted investors to take profits on oils recent rally. ...
Mon 30th March 2009 - 11:27am
Local market down in early trade
Australian shares have lost ground in early trade with most sectors lower. ...
Mon 30th March 2009 - 11:23am
Australian shares have lost ground in early trade with most sectors lower. ...
Mon 30th March 2009 - 11:23am
Sacrifices must be made to save car industry- Obama
US President Barack Obama says big car makers need to do more to streamline their operations in return for federal aid. ...
Mon 30th March 2009 - 11:14am
US President Barack Obama says big car makers need to do more to streamline their operations in return for federal aid. ...
Mon 30th March 2009 - 11:14am
Mesoblast Limited ASX-MSB Raises Capital Of A $10.81 Million For New Clinical Programs
Melbourne- Australia- Mar 30- 2009 - ABN Newswire - Mesoblast Limited ASX-MSBPINK-MBLTY Australias regenerative medicine company- today announced that it has successfully completed a private placement to existing- as well as new- institutional and sophisticated investors- raising A $10.81 million.The new funds will be used in conjunction with Mesoblasts existing working capital- reported at 31 December to be A $9. ...
Mon 30th March 2009 - 11:12am
Melbourne- Australia- Mar 30- 2009 - ABN Newswire - Mesoblast Limited ASX-MSBPINK-MBLTY Australias regenerative medicine company- today announced that it has successfully completed a private placement to existing- as well as new- institutional and sophisticated investors- raising A $10.81 million.The new funds will be used in conjunction with Mesoblasts existing working capital- reported at 31 December to be A $9. ...
Mon 30th March 2009 - 11:12am
Australia shares down 1.3 pct as banks falter
SYDNEY- March 30 - Australian stocks retreated 1.3 percent on Monday- pulled down by the top banks- after fresh worries about the health of the financial sector saw Wall Street stocks sold off on Friday. ...
Mon 30th March 2009 - 11:11am
SYDNEY- March 30 - Australian stocks retreated 1.3 percent on Monday- pulled down by the top banks- after fresh worries about the health of the financial sector saw Wall Street stocks sold off on Friday. ...
Mon 30th March 2009 - 11:11am
New OZ Minerals offer put forward
A Chinese state-owned mining company has put forward a new takeover offer that could save debt-laden miner OZ Minerals from collapse. ...
Mon 30th March 2009 - 10:52am
A Chinese state-owned mining company has put forward a new takeover offer that could save debt-laden miner OZ Minerals from collapse. ...
Mon 30th March 2009 - 10:52am
Linc Energy Limited ASX-LNC Prioritise Locations For Commercial UCG Operations
Brisbane- Australia- Mar 30- 2009 - ABN Newswire - Linc Energy Limited ASX-LNCPINK-LNCYF Following the acquisition of SAPEX Limited in late 2008- good progress has been made this year to complete the integration of the two businesses and in determining exploration work programs to begin to identify how the significant value of the exploration tenements in South Australia will be unlocked. ...
Mon 30th March 2009 - 10:51am
Brisbane- Australia- Mar 30- 2009 - ABN Newswire - Linc Energy Limited ASX-LNCPINK-LNCYF Following the acquisition of SAPEX Limited in late 2008- good progress has been made this year to complete the integration of the two businesses and in determining exploration work programs to begin to identify how the significant value of the exploration tenements in South Australia will be unlocked. ...
Mon 30th March 2009 - 10:51am
Rex Minerals Limited ASX-RXM New High Grade Copper And Silver Discovered At Mt Carrington
Melbourne- Australia- Mar 30- 2009 - ABN Newswire - Rex Minerals Limited ASX-RXM is pleased to announce the remaining results from the drilling program at Mt Carrington- NSW which was conducted during the period January to March 2009. A total of 18 drill holes were completed in this program with earlier results announced on 24 February 2009 and 2 March 2009. ...
Mon 30th March 2009 - 10:48am
Melbourne- Australia- Mar 30- 2009 - ABN Newswire - Rex Minerals Limited ASX-RXM is pleased to announce the remaining results from the drilling program at Mt Carrington- NSW which was conducted during the period January to March 2009. A total of 18 drill holes were completed in this program with earlier results announced on 24 February 2009 and 2 March 2009. ...
Mon 30th March 2009 - 10:48am
Bankwest to cut 400 jobs
The Western Australian-based Bankwest has blamed a sharply contracting economy for cutting 400 jobs. ...
Mon 30th March 2009 - 10:44am
The Western Australian-based Bankwest has blamed a sharply contracting economy for cutting 400 jobs. ...
Mon 30th March 2009 - 10:44am
Emergent Resources Limited ASX-EMG 2nd Phase Drill Program Commences At Beyondie Iron Ore Project
Perth- Australia- Mar 30- 2009 - ABN Newswire - Emergent Resources Limited ASX-EMG is pleased to announce that its second-phase drilling program at the companys flagship Beyondie Iron Project in the mid-west region of Western Australia will commence in the next few days. ...
Mon 30th March 2009 - 10:42am
Perth- Australia- Mar 30- 2009 - ABN Newswire - Emergent Resources Limited ASX-EMG is pleased to announce that its second-phase drilling program at the companys flagship Beyondie Iron Project in the mid-west region of Western Australia will commence in the next few days. ...
Mon 30th March 2009 - 10:42am
Qantas strike shuts down Sydney Airport
The Transport Workers Union TWU says Sydney Airport has been virtually shut down because up to 300 workers have walked off the job over security concerns. ...
Mon 30th March 2009 - 10:37am
The Transport Workers Union TWU says Sydney Airport has been virtually shut down because up to 300 workers have walked off the job over security concerns. ...
Mon 30th March 2009 - 10:37am
Bankwest to shed 400 jobs
Commonwealth Bank of Australia Ltd says its wholly owned bank subsidiary Bankwest will cut 400 jobs from its workforce due to the economic downturn. ...
Mon 30th March 2009 - 10:35am
Commonwealth Bank of Australia Ltd says its wholly owned bank subsidiary Bankwest will cut 400 jobs from its workforce due to the economic downturn. ...
Mon 30th March 2009 - 10:35am
Stimulus plans off G20 agenda
It seems unlikely that this weeks G20 leaders meeting will decide on details of further economic stimulus plans. ...
Mon 30th March 2009 - 10:32am
It seems unlikely that this weeks G20 leaders meeting will decide on details of further economic stimulus plans. ...
Mon 30th March 2009 - 10:32am
NSX shareholders move to oust directors
Independent market operator NSX Ltd has received a requisition notice calling for a shareholders meeting to discuss the removal of six directors from its board. ...
Mon 30th March 2009 - 10:29am
Independent market operator NSX Ltd has received a requisition notice calling for a shareholders meeting to discuss the removal of six directors from its board. ...
Mon 30th March 2009 - 10:29am
Stimulus plans off G20 agenda
It seems unlikely that this weeks G20 leaders meeting will decide on details of further economic stimulus plans. ...
Mon 30th March 2009 - 10:29am
It seems unlikely that this weeks G20 leaders meeting will decide on details of further economic stimulus plans. ...
Mon 30th March 2009 - 10:29am
UK headed for monster budget deficit as G20 looms
Four days ahead of the G20 summit in London- and as protests against the actions of the worlds financial industry gather momentum- attention is turning to the parlous state of the United Kingdoms finances. ...
Mon 30th March 2009 - 10:26am
Four days ahead of the G20 summit in London- and as protests against the actions of the worlds financial industry gather momentum- attention is turning to the parlous state of the United Kingdoms finances. ...
Mon 30th March 2009 - 10:26am
Bankwest to cut 400 jobs
The Western Australian-based Bankwest has blamed a sharply contracting economy for cutting 400 jobs. ...
Mon 30th March 2009 - 10:19am
The Western Australian-based Bankwest has blamed a sharply contracting economy for cutting 400 jobs. ...
Mon 30th March 2009 - 10:19am
Australia shares down 1 pct miners and banks lower
SYDNEY- March 30 - Australian stocks fell 1.0 percent on Monday- pulled down by banking and mining shares- after fresh worries about the health of the financial sector saw Wall Street stocks sold off on Friday. ...
Mon 30th March 2009 - 10:17am
SYDNEY- March 30 - Australian stocks fell 1.0 percent on Monday- pulled down by banking and mining shares- after fresh worries about the health of the financial sector saw Wall Street stocks sold off on Friday. ...
Mon 30th March 2009 - 10:17am
Bankwest to shed 400 jobs
Commonwealth Bank of Australia Ltd says its wholly owned bank subsidiary Bankwest will cut 400 jobs from its workforce due to the economic downturn. ...
Mon 30th March 2009 - 10:15am
Commonwealth Bank of Australia Ltd says its wholly owned bank subsidiary Bankwest will cut 400 jobs from its workforce due to the economic downturn. ...
Mon 30th March 2009 - 10:15am
Bankwest to cut 400 jobs
Bankwest has confirmed it is cutting 400 jobs. ...
Mon 30th March 2009 - 10:15am
Bankwest has confirmed it is cutting 400 jobs. ...
Mon 30th March 2009 - 10:15am
Aussie dlr retreats from highs as bank woes return
SYDNEY- March 30 - The Australian dollar AUD nudged lower on Monday- extending a pull back from last weeks multi-month highs- as investor worries about the banking sector crept back into markets. ...
Mon 30th March 2009 - 10:14am
SYDNEY- March 30 - The Australian dollar AUD nudged lower on Monday- extending a pull back from last weeks multi-month highs- as investor worries about the banking sector crept back into markets. ...
Mon 30th March 2009 - 10:14am
NYMEX-Oil falls below $52 as economic concerns return
PERTH- March 30 - Oil fell below $52 a barrel on Monday- extending the previous sessions losses that came on weak economic data and evidence producer group OPEC was still producing above its target rate. ...
Mon 30th March 2009 - 09:51am
PERTH- March 30 - Oil fell below $52 a barrel on Monday- extending the previous sessions losses that came on weak economic data and evidence producer group OPEC was still producing above its target rate. ...
Mon 30th March 2009 - 09:51am
UK headed for monster budget deficit as G20 looms
Four days ahead of the G20 summit in London- as protests against the actions of the worlds financial industry gather momentum- attention is turning to the parlous state of the United Kingdoms finances. ...
Mon 30th March 2009 - 09:51am
Four days ahead of the G20 summit in London- as protests against the actions of the worlds financial industry gather momentum- attention is turning to the parlous state of the United Kingdoms finances. ...
Mon 30th March 2009 - 09:51am
Crane Group shares to resume trading
Shares in Crane Group Ltd resume trading on Monday after the pipe maker and plumbing supplies group completed an equity raising. ...
Mon 30th March 2009 - 09:45am
Shares in Crane Group Ltd resume trading on Monday after the pipe maker and plumbing supplies group completed an equity raising. ...
Mon 30th March 2009 - 09:45am
Crisis spawns loan defaults in once boomtown Dubai
DUBAI AFP - The unthinkable is happening in once-booming Dubai where credit not many months ago was as easy as the lifestyle - the world financial crisis is spawning a rising number of loan defaulters. ...
Mon 30th March 2009 - 09:14am
DUBAI AFP - The unthinkable is happening in once-booming Dubai where credit not many months ago was as easy as the lifestyle - the world financial crisis is spawning a rising number of loan defaulters. ...
Mon 30th March 2009 - 09:14am
New Oz Minerals offer put forward
A Chinese state-owned mining company has put forward a new takeover offer that could save debt-laden miner Oz Minerals from collapse. ...
Mon 30th March 2009 - 08:49am
A Chinese state-owned mining company has put forward a new takeover offer that could save debt-laden miner Oz Minerals from collapse. ...
Mon 30th March 2009 - 08:49am
Corporates- OZ Minerals Crane Prime Media
OZ Minerals shares will remain in a trading halt as it talks to its would-be Chinese suitor- Minmetals- whose offer was ruled out by the Federal Government on Friday.OZ Minerals wants an extension to refinance $1.3 billion of debt due tomorrow.The rejection of the life-saving Minmetals $2.6 billion bid was not expected.The offer was to have saved the company from almost certain collapse- now the two parties are trying to restructure it to meet government objections to the offer- the presence of a Chinese company controlling OZs $1 billion Prominent Hill mine which is 150 kilometres from the Woomera weapons testing area in northern South Australia.Federal Treasurer- Wayne Swan revealed the ruling late Friday in a statement -amp quotAn important part of this assessment is whether proposals conform with Australias national security interests- in line with the principles that apply to foreign government related investments. -amp quotOZ Minerals Prominent Hill mining operations are situated in the Woomera Prohibited Area in South Australia. -amp quotThe Woomera Prohibited Area weapons testing range makes a unique and sensitive contribution to Australias national defence. -amp quotIt is not unusual for governments to restrict access to sensitive areas on national security grounds. -amp quotThe Government has determined that Minmetals proposal for OZ Minerals cannot be approved if it includes Prominent Hill. -amp quotI have informed Minmetals of this decision. Discussions between the Foreign Investment Review Board and Minmetals are continuing in relation to OZ Minerals other businesses and assets- and the Government is willing to consider alternative proposals relating to those other assets and businesses- -amp quot the statement read.The Foreign Investment Review Board only extended its review of the Minmetals takeover bid by 90 days a week ago- Fridays rejection came out of the blue.OZ Minerals shares last traded at 55.5c if they were to trade today- they would suffer a very sharp drop.For that reason trading will remain suspended until the question of the future of the bid and the finance can be sorted out.If it cant- the company is likely to seek appointment of administrators to protect its position.Investors immediately saw a message in the rejection for the bid by Chinese government-controlled Chinalco to take a major stake in Rio Tinto in exchange for $US19.5 billion in new equity.Chinalco has completed arranging a $US21 billion loan to finance its planned tie-up with Rio.Chinas top aluminum company raised the loan from a consortium of banks led by the China Development Bank.All are controlled by the Chinese government- so the money would have come anyway. Failure to fund the loan request would have meant the government opposed the deal.The loan arrangement includes a $US19.5 billion loan for the transaction and a $US1.5 billion standby facility to finance ongoing working capital and other expenditures linked to the deal. -amp quotThe commercial terms we have obtained reflect the banks confidence in the excellent potential of our partnership with Rio Tinto and in the long-term prospect of the mining industry- -amp quot Chinalco President Xiong Weiping said in a statement. -amp quotThe proposed strategic investment in the Rio Tinto Group will allow Chinalco to advance its strategic goal of global diversification. -amp quotUnder the deal- Chinalco would pay $US12.3 billion for stakes in Rios iron ore- copper and aluminum assets and $US7.2 billion for convertible bonds that would double its equity interest in Rio Tinto to 18.The agreement with Rio required Chinalco to secured funding by the end of March.The deal continues to spark opposition by some major shareholders and politicians worried about what they regard as favourable treatment of one shareholder and too much influence in Australia by a Chinese state entity.But Federal Finance Minister- Lindsay Tanner says the rejection of the bid for OZ Minerals will not affect the Governments consideration of the proposed Chinalco deal.Mr Tanner said yesterday the Federal government could approve a Chinese takeover of OZ Minerals if the terms were changed. -amp quotIts not clear what the outcome will be- and there is the possibility a revised deal will be worked out and put to the government at some point- -amp quot Mr Tanner told Sky News.The minister said the treasurers decision on the Minmetals-OZ Minerals deal would not necessarily affect a bid by Chinese aluminium maker Chinalco- another state-owned corporation- to buy a $27.69 billion stake in Rio Tinto. -amp quotNot at all. You really need to look at these things on a case-by-case basis- -amp quot Mr Tanner said. -amp quotTo be honest- I dont know whether any of the Chinalco bid circumstances involve defence weapons testing ranges- but I suspect they dont. -amp quotSo this shouldnt be seen as some kind of pre-determination or the scene setter for a decision on the Rio-Chinalco proposition- -amp quot he told Sky. ...
Mon 30th March 2009 - 08:45am
OZ Minerals shares will remain in a trading halt as it talks to its would-be Chinese suitor- Minmetals- whose offer was ruled out by the Federal Government on Friday.OZ Minerals wants an extension to refinance $1.3 billion of debt due tomorrow.The rejection of the life-saving Minmetals $2.6 billion bid was not expected.The offer was to have saved the company from almost certain collapse- now the two parties are trying to restructure it to meet government objections to the offer- the presence of a Chinese company controlling OZs $1 billion Prominent Hill mine which is 150 kilometres from the Woomera weapons testing area in northern South Australia.Federal Treasurer- Wayne Swan revealed the ruling late Friday in a statement -amp quotAn important part of this assessment is whether proposals conform with Australias national security interests- in line with the principles that apply to foreign government related investments. -amp quotOZ Minerals Prominent Hill mining operations are situated in the Woomera Prohibited Area in South Australia. -amp quotThe Woomera Prohibited Area weapons testing range makes a unique and sensitive contribution to Australias national defence. -amp quotIt is not unusual for governments to restrict access to sensitive areas on national security grounds. -amp quotThe Government has determined that Minmetals proposal for OZ Minerals cannot be approved if it includes Prominent Hill. -amp quotI have informed Minmetals of this decision. Discussions between the Foreign Investment Review Board and Minmetals are continuing in relation to OZ Minerals other businesses and assets- and the Government is willing to consider alternative proposals relating to those other assets and businesses- -amp quot the statement read.The Foreign Investment Review Board only extended its review of the Minmetals takeover bid by 90 days a week ago- Fridays rejection came out of the blue.OZ Minerals shares last traded at 55.5c if they were to trade today- they would suffer a very sharp drop.For that reason trading will remain suspended until the question of the future of the bid and the finance can be sorted out.If it cant- the company is likely to seek appointment of administrators to protect its position.Investors immediately saw a message in the rejection for the bid by Chinese government-controlled Chinalco to take a major stake in Rio Tinto in exchange for $US19.5 billion in new equity.Chinalco has completed arranging a $US21 billion loan to finance its planned tie-up with Rio.Chinas top aluminum company raised the loan from a consortium of banks led by the China Development Bank.All are controlled by the Chinese government- so the money would have come anyway. Failure to fund the loan request would have meant the government opposed the deal.The loan arrangement includes a $US19.5 billion loan for the transaction and a $US1.5 billion standby facility to finance ongoing working capital and other expenditures linked to the deal. -amp quotThe commercial terms we have obtained reflect the banks confidence in the excellent potential of our partnership with Rio Tinto and in the long-term prospect of the mining industry- -amp quot Chinalco President Xiong Weiping said in a statement. -amp quotThe proposed strategic investment in the Rio Tinto Group will allow Chinalco to advance its strategic goal of global diversification. -amp quotUnder the deal- Chinalco would pay $US12.3 billion for stakes in Rios iron ore- copper and aluminum assets and $US7.2 billion for convertible bonds that would double its equity interest in Rio Tinto to 18.The agreement with Rio required Chinalco to secured funding by the end of March.The deal continues to spark opposition by some major shareholders and politicians worried about what they regard as favourable treatment of one shareholder and too much influence in Australia by a Chinese state entity.But Federal Finance Minister- Lindsay Tanner says the rejection of the bid for OZ Minerals will not affect the Governments consideration of the proposed Chinalco deal.Mr Tanner said yesterday the Federal government could approve a Chinese takeover of OZ Minerals if the terms were changed. -amp quotIts not clear what the outcome will be- and there is the possibility a revised deal will be worked out and put to the government at some point- -amp quot Mr Tanner told Sky News.The minister said the treasurers decision on the Minmetals-OZ Minerals deal would not necessarily affect a bid by Chinese aluminium maker Chinalco- another state-owned corporation- to buy a $27.69 billion stake in Rio Tinto. -amp quotNot at all. You really need to look at these things on a case-by-case basis- -amp quot Mr Tanner said. -amp quotTo be honest- I dont know whether any of the Chinalco bid circumstances involve defence weapons testing ranges- but I suspect they dont. -amp quotSo this shouldnt be seen as some kind of pre-determination or the scene setter for a decision on the Rio-Chinalco proposition- -amp quot he told Sky. ...
Mon 30th March 2009 - 08:45am
Japan Facing Tough Times- Europe Not Far Behind
Deflation is once again stalking Japan as consumer prices failed to rise for a second month in a row in February- while retail sales fell by a worryingly large 5-plus from January.Prices excluding fresh food were unchanged last month from the same month in 2008- according to the governments statistics bureau in Tokyo.The economy is sinking- industrial production and exports are plunging- and retail sales slide as consumers refuse to spend- an early symptom of deflation and a situation the Japanese have been through at least twice in the past 20 years.Japans retail sales were down 5.8 in February from the same month of 2008 after being down 2.4 in January. That was far steeper than the 3 forecast in a Bloomberg survey and the biggest drop in seven years.Other figures showed Japanese wages fell for a third month in a row- with overtime down 15.The export and output falls hasnt seen job losses of the scale seen in the US- where the unemployment rate is 8.1.Japans jobless rate has risen only 0.3 to 4.1 since the recession deepened in October. -amp 160And those have been temporary contract workers. Full time employees havent been sacked yet and Japanese companies have cut working days- hours and weeks- but kept full timers on payrolls.But if the slide continues for much longer- they will have to start cutting permanent employees. Its a situation similar to that in Germany.The Japanese financial year ends on Tuesday and from Wednesday there will be a whole new outlook for the corporate sector. -amp 160Already some big companies in the electronics- consumer products- car making and heavy industry sectors have been reported as speculating of further cuts in employment levels in the new financial year.This weeks Tankan survey from the Bank of Japan will give a clue to future intentions- its a business confidence and sentiment survey and some forecasters say it will be the worst of its kind for over 30 years.But deflation is the most immediate concern. -amp 160Having been through two episodes in two decades- youd think the Japanese policy making area would know what to do- but once again they seem to be frozen by the prospect- although the Bank of Japan has started on a version of Quantitative Easing to try and help banks lend.That has been tried before and the banks just sat on the money as they recapitalised and rebuilt balance sheets.During Japans last bout with deflation that began a decade ago- bankruptcies surged and the jobless rate advanced to a postwar high.Bloomberg says Bank of Japan policy makers- who are predicting a two-year bout of falling prices starting in April- are watching whether inflation expectations by consumers and companies will fade- according to minutes of their February board meeting.Japanese wholesale costs and corporate service prices both dropped in February.The high yen is choking off price pressures and adding to the lower level of commodity prices- as well as crushing exports and margins.The only hope for Japan in the short term the government process is stuffed and crippled by incompetence and scandal is that Japanese investors rediscover their taste for cheap overseas investments and re-engage in the carry trade- where they sell the low yielding yen for higher yielding investments in places like Australia. -amp 160That in turn would be bad news for us as it would lower the about to fall returns from major export contracts.In Europe on Friday there was similar gloomy news on the economies of the US and the eurozone.UK gross domestic product fell 1.6 from the third quarter- exceeding the earlier estimate of 1.5. Its an annual rate of around 6.2- very close to the US fall of 1.6 and 6.3 annual in the 4th quarter. Japaneses was minus 3.2 in the 4th quarter alone and over 12 on an annual rate.At the same time the slow down in the eurozone countries appears to have deepened in the first quarter of the year following a collapse in manufacturing orders in January.Orders fell 3.4 in January from December which was weak and were down a stunning 34.1 on the same month of 2008.On the plus side- unlike the UK where inflation bounced to an annual rate of 3.2 inflation in the 16-member zone is weaker than expected- according to a survey on Friday. -amp 160The official figure for January is released this week. It will be around an annual rate of 1.2.The latest gloomy data adds pressure for the European Central Bank to lower interest rates when governors meet on Thursday. Inflation isnt a concern- so the way is open for a cut by up to 0.50.In America consumer spending slowed in February and their confidence remained near a three-decade low this month.But the small rise in spending was seen as another glimmer of good news- it rose 0.2 after climbing a revised upwards 1 in January.The-University of Michigan final index of consumer sentiment was 57.3 in March after a reading of 56.3 in February.Taken together economists said the rise in spending came on top of two months of positive retail sales. -amp 160Consumers ran down their savings a fraction in February- but that was due to a fall in income in the month- which was probably the most significant part of the report from the US Department of Commerce.The Irish economy imploded in the 4th quarter of 2008- with growth falling a massive 7.1 or around 28 at an annual rate. Thats getting towards Depression levels.Frances economy contracted the most in more than three decades in the 4th quarter- with growth down 1.1 from the third quarter when it fell 0.2.The fall was the biggest since the final quarter of 1974.And the 30 member economies of the OECD will contract 4.2 this year- according to a report to be issued this week.The Organisation for Economic Co-operation and Development Secretary General Angel Gurria said at the weekend that -amp quotThis is a financial crisis that became an economic crisis thats becoming a massive jobs crisis that will become a human crisis -amp quot.He said unemployment rates in Europe and the US will -amp quothead toward -amp quot 10.The latest OECD forecasts will be released on March 31. Previously- the Paris-based grouping of the worlds most industrialized countries was predicting a 0.3 contraction for this year.The IMF says global growth will shrink by between 0.5 and 1 this year- with advanced economies contracting by 3- 3.5. -amp 160 ...
Mon 30th March 2009 - 08:43am
Deflation is once again stalking Japan as consumer prices failed to rise for a second month in a row in February- while retail sales fell by a worryingly large 5-plus from January.Prices excluding fresh food were unchanged last month from the same month in 2008- according to the governments statistics bureau in Tokyo.The economy is sinking- industrial production and exports are plunging- and retail sales slide as consumers refuse to spend- an early symptom of deflation and a situation the Japanese have been through at least twice in the past 20 years.Japans retail sales were down 5.8 in February from the same month of 2008 after being down 2.4 in January. That was far steeper than the 3 forecast in a Bloomberg survey and the biggest drop in seven years.Other figures showed Japanese wages fell for a third month in a row- with overtime down 15.The export and output falls hasnt seen job losses of the scale seen in the US- where the unemployment rate is 8.1.Japans jobless rate has risen only 0.3 to 4.1 since the recession deepened in October. -amp 160And those have been temporary contract workers. Full time employees havent been sacked yet and Japanese companies have cut working days- hours and weeks- but kept full timers on payrolls.But if the slide continues for much longer- they will have to start cutting permanent employees. Its a situation similar to that in Germany.The Japanese financial year ends on Tuesday and from Wednesday there will be a whole new outlook for the corporate sector. -amp 160Already some big companies in the electronics- consumer products- car making and heavy industry sectors have been reported as speculating of further cuts in employment levels in the new financial year.This weeks Tankan survey from the Bank of Japan will give a clue to future intentions- its a business confidence and sentiment survey and some forecasters say it will be the worst of its kind for over 30 years.But deflation is the most immediate concern. -amp 160Having been through two episodes in two decades- youd think the Japanese policy making area would know what to do- but once again they seem to be frozen by the prospect- although the Bank of Japan has started on a version of Quantitative Easing to try and help banks lend.That has been tried before and the banks just sat on the money as they recapitalised and rebuilt balance sheets.During Japans last bout with deflation that began a decade ago- bankruptcies surged and the jobless rate advanced to a postwar high.Bloomberg says Bank of Japan policy makers- who are predicting a two-year bout of falling prices starting in April- are watching whether inflation expectations by consumers and companies will fade- according to minutes of their February board meeting.Japanese wholesale costs and corporate service prices both dropped in February.The high yen is choking off price pressures and adding to the lower level of commodity prices- as well as crushing exports and margins.The only hope for Japan in the short term the government process is stuffed and crippled by incompetence and scandal is that Japanese investors rediscover their taste for cheap overseas investments and re-engage in the carry trade- where they sell the low yielding yen for higher yielding investments in places like Australia. -amp 160That in turn would be bad news for us as it would lower the about to fall returns from major export contracts.In Europe on Friday there was similar gloomy news on the economies of the US and the eurozone.UK gross domestic product fell 1.6 from the third quarter- exceeding the earlier estimate of 1.5. Its an annual rate of around 6.2- very close to the US fall of 1.6 and 6.3 annual in the 4th quarter. Japaneses was minus 3.2 in the 4th quarter alone and over 12 on an annual rate.At the same time the slow down in the eurozone countries appears to have deepened in the first quarter of the year following a collapse in manufacturing orders in January.Orders fell 3.4 in January from December which was weak and were down a stunning 34.1 on the same month of 2008.On the plus side- unlike the UK where inflation bounced to an annual rate of 3.2 inflation in the 16-member zone is weaker than expected- according to a survey on Friday. -amp 160The official figure for January is released this week. It will be around an annual rate of 1.2.The latest gloomy data adds pressure for the European Central Bank to lower interest rates when governors meet on Thursday. Inflation isnt a concern- so the way is open for a cut by up to 0.50.In America consumer spending slowed in February and their confidence remained near a three-decade low this month.But the small rise in spending was seen as another glimmer of good news- it rose 0.2 after climbing a revised upwards 1 in January.The-University of Michigan final index of consumer sentiment was 57.3 in March after a reading of 56.3 in February.Taken together economists said the rise in spending came on top of two months of positive retail sales. -amp 160Consumers ran down their savings a fraction in February- but that was due to a fall in income in the month- which was probably the most significant part of the report from the US Department of Commerce.The Irish economy imploded in the 4th quarter of 2008- with growth falling a massive 7.1 or around 28 at an annual rate. Thats getting towards Depression levels.Frances economy contracted the most in more than three decades in the 4th quarter- with growth down 1.1 from the third quarter when it fell 0.2.The fall was the biggest since the final quarter of 1974.And the 30 member economies of the OECD will contract 4.2 this year- according to a report to be issued this week.The Organisation for Economic Co-operation and Development Secretary General Angel Gurria said at the weekend that -amp quotThis is a financial crisis that became an economic crisis thats becoming a massive jobs crisis that will become a human crisis -amp quot.He said unemployment rates in Europe and the US will -amp quothead toward -amp quot 10.The latest OECD forecasts will be released on March 31. Previously- the Paris-based grouping of the worlds most industrialized countries was predicting a 0.3 contraction for this year.The IMF says global growth will shrink by between 0.5 and 1 this year- with advanced economies contracting by 3- 3.5. -amp 160 ...
Mon 30th March 2009 - 08:43am
New offer for OZ Minerals
A Chinese state-owned mining company has put forward a new takeover offer that could save debt-laden miner OZ Minerals from collapse. ...
Mon 30th March 2009 - 08:42am
A Chinese state-owned mining company has put forward a new takeover offer that could save debt-laden miner OZ Minerals from collapse. ...
Mon 30th March 2009 - 08:42am
Markets Up For Third Week A Fourth Will be Tougher
A third straight week of gains for sharemarkets will wonders never ceaseWall Street and other major markets finished solid gains over the week- but a couple of worries emerged with the health of the banks that will make a 4th weekly gain this week tougher to achieve.The CEOs of JPMorgan Chase and Bank of America said results deteriorated in March after earlier in the month talking up January and February.If they are joined by others in coming weeks- watch the rebound turn sour.The US dollar rose Friday- sending commodity prices- led by oil- lower in New York.The Aussie dollar finished above 69 USc after having its best week of the year so far.Asian and European markets finished higher for the week after hitting lows in the week of March 9.Wall Street did likewise- but Friday saw a 2 drop- which was a worry to the bulls.The Standard -amp 38 Poors 500 Index lost 2- but its still up 11 in March. The Dow fell 148.38- or 1.9- to 7-776.18 and the Nasdaq eased 2.6.For the week- the Dow rose 6.8- the S -amp 38P 500 6.2 and Nasdaq rose 6.The Dow is up 10.1 for the month but remains down 11.4 year-to-date.The S -amp 38P 500 is still down nearly 10 this year and has shed 47.9 since its record high in October 2007.Our market looks like being down 1 after the overnight futures trading on Saturday morning.The ASX 200 rose 0.7 on Friday and the All Ords was up 0.8.For the week the ASX 200 rose 6 and the All Ords 6.2.JPMorgan Chase -amp 38 Cos CEO- Jamie Dimon said that March was -amp quota little tough -amp quot in comments to CNBC. -amp 160The banks shares fell nearly 5.8 on the day. Bank of America Corps CEO- Ken Lewis said his banks trading book in March lagged the two prior months.The gloomy comments on bank profits contrasted with statements earlier in the month that had helped push the broad S -amp 38P 500 index up more than 20 since the 12-year low on March 9.Citigroup fell 6.8 and the KBW bank index fell 3.3 on the day- but is still up a huge 55 from its March 6 low.General Motors was a rare bright spot on Friday- rising more than 6- as the Obama administration said its car industry task force would release its report tonight- our time.As well GM has appointed advisers to find investors for its German Opel unit- which amazingly said it was on track for what could be the best quarterly results in a decade. -amp 160Thats because of the German governments car scrapping subsidy for vehicles more than nine years old.Europes Dow Jones Stoxx 600 Index slipped 1.1. Its up more than 14 since the low on March 9. -amp 160The FTSE Eurofirst 300 index also fell 1.1. The index rose 2.7 and is up 14.2 from the low to which it sank on March 9. -amp 160The DJ Stoxx Banking index is up more than 47 from its March 9 low- echoing the US banking sectors rebound.The MSCI World has dropped 10 in 2009 after last years 42 plunge-Londons FTSE 100 share index closed 0.7 lower on Friday- but its up 12.7 from the lows of early March. Its still down 12.1 from the start of 2009.The rescue of Scotlands biggest building society- the Dunfermline- at the weekend wont help sentiment among financial stocks. -amp 160Nor the news that the UK economy contracted 1.3 in the 4th quarter and the Irish economy by a huge 7.1.Asian shares had their biggest weekly gain since August 2007 after they finished Friday little changed.The MSCI Asia Pacific Index has risen 21 from a five-year low on March 9- technically entering a bull market- along with several other markets during the week.The Asian Index jumped 7.5 last week- its best weekly performance since the week ended Aug. 24- 2007.Hong Kongs Hang Seng Index rose 10 last week- the Nikkei in Tokyo jumped 8.6 and South Koreas Kospi Index added 5.7.Japans Topix Index posted its biggest weekly gain since 1997 and the Nikkei average reached its highest point in more than two months on Friday. -amp 160 ...
Mon 30th March 2009 - 08:40am
A third straight week of gains for sharemarkets will wonders never ceaseWall Street and other major markets finished solid gains over the week- but a couple of worries emerged with the health of the banks that will make a 4th weekly gain this week tougher to achieve.The CEOs of JPMorgan Chase and Bank of America said results deteriorated in March after earlier in the month talking up January and February.If they are joined by others in coming weeks- watch the rebound turn sour.The US dollar rose Friday- sending commodity prices- led by oil- lower in New York.The Aussie dollar finished above 69 USc after having its best week of the year so far.Asian and European markets finished higher for the week after hitting lows in the week of March 9.Wall Street did likewise- but Friday saw a 2 drop- which was a worry to the bulls.The Standard -amp 38 Poors 500 Index lost 2- but its still up 11 in March. The Dow fell 148.38- or 1.9- to 7-776.18 and the Nasdaq eased 2.6.For the week- the Dow rose 6.8- the S -amp 38P 500 6.2 and Nasdaq rose 6.The Dow is up 10.1 for the month but remains down 11.4 year-to-date.The S -amp 38P 500 is still down nearly 10 this year and has shed 47.9 since its record high in October 2007.Our market looks like being down 1 after the overnight futures trading on Saturday morning.The ASX 200 rose 0.7 on Friday and the All Ords was up 0.8.For the week the ASX 200 rose 6 and the All Ords 6.2.JPMorgan Chase -amp 38 Cos CEO- Jamie Dimon said that March was -amp quota little tough -amp quot in comments to CNBC. -amp 160The banks shares fell nearly 5.8 on the day. Bank of America Corps CEO- Ken Lewis said his banks trading book in March lagged the two prior months.The gloomy comments on bank profits contrasted with statements earlier in the month that had helped push the broad S -amp 38P 500 index up more than 20 since the 12-year low on March 9.Citigroup fell 6.8 and the KBW bank index fell 3.3 on the day- but is still up a huge 55 from its March 6 low.General Motors was a rare bright spot on Friday- rising more than 6- as the Obama administration said its car industry task force would release its report tonight- our time.As well GM has appointed advisers to find investors for its German Opel unit- which amazingly said it was on track for what could be the best quarterly results in a decade. -amp 160Thats because of the German governments car scrapping subsidy for vehicles more than nine years old.Europes Dow Jones Stoxx 600 Index slipped 1.1. Its up more than 14 since the low on March 9. -amp 160The FTSE Eurofirst 300 index also fell 1.1. The index rose 2.7 and is up 14.2 from the low to which it sank on March 9. -amp 160The DJ Stoxx Banking index is up more than 47 from its March 9 low- echoing the US banking sectors rebound.The MSCI World has dropped 10 in 2009 after last years 42 plunge-Londons FTSE 100 share index closed 0.7 lower on Friday- but its up 12.7 from the lows of early March. Its still down 12.1 from the start of 2009.The rescue of Scotlands biggest building society- the Dunfermline- at the weekend wont help sentiment among financial stocks. -amp 160Nor the news that the UK economy contracted 1.3 in the 4th quarter and the Irish economy by a huge 7.1.Asian shares had their biggest weekly gain since August 2007 after they finished Friday little changed.The MSCI Asia Pacific Index has risen 21 from a five-year low on March 9- technically entering a bull market- along with several other markets during the week.The Asian Index jumped 7.5 last week- its best weekly performance since the week ended Aug. 24- 2007.Hong Kongs Hang Seng Index rose 10 last week- the Nikkei in Tokyo jumped 8.6 and South Koreas Kospi Index added 5.7.Japans Topix Index posted its biggest weekly gain since 1997 and the Nikkei average reached its highest point in more than two months on Friday. -amp 160 ...
Mon 30th March 2009 - 08:40am
New OZ Minerals offer put forward
A Chinese state-owned mining company has put forward a new takeover offer that could save debt-laden miner OZ Minerals from collapse. ...
Mon 30th March 2009 - 08:39am
A Chinese state-owned mining company has put forward a new takeover offer that could save debt-laden miner OZ Minerals from collapse. ...
Mon 30th March 2009 - 08:39am
Stronger US Dollar Catches Commodities
Weakness in the commodity markets on Friday as the US dollar rose on a late outbreak of nerves about banks and other financial stocks.Dealers also said the news flow on the economies of Europe was also gloomy- showing an area where growth prospects have vanished- the UK economy fell by more than expected- as did Ireland- while France contracted by more than 1 in the last quarter of 2008.Manufacturing orders in the 16 country eurozone showed an economy slumping further- they fell 3.4 from December to be down 34 from January 2008.As a result major commodity prices weakened as the greenback rose.Oil- copper- gold- major agriculturals and other metals all finished lower on Friday.Some traders focused on the upside that seems to be appearing- despite Fridays weakness.Deutsche Bank raised its 2009 price targets for most base metals including copper on expectations the global economy will stabilize- while cutting calls for next year and 2011 on -amp quota slower than previously expected recovery -amp quot.The bank said copper may average $US3-288 a tonne this year- 17 above its earlier forecast.The bank said the metal will average $US4-189 a tonne in 2010 $US1.49-lb and $US5-071 in 2011- down 11 and 8.7 from the earlier predictions.Three-month copper has averaged $US3-478 a tonne in London so far this year- according to London metal Exchange figures.Copper has risen about 43 since bottoming last December on investors expectations that demand may revive in the worlds biggest economies- including China.The rally has been aided by strong suggestions not denied that China has been boosting stockpiles in copper and other metals.The bank raised their forecast for nickel this year by 20 to $US9-689 a tonne. The forecast for next year was little changed at $US and the 2011 forecast was dropped 9 to $US11-244 a tonne.Zinc was lifted 5.3 to $US1-155 a tonne this year but Deutsche cut 2010 estimates by 6.8 to $US1-350 and 2011 by 9 to $US1-786.Lead for 2009 was raised 15 to $US1-070 a tonne 2010s forecast wasnt changed and the 2011 forecast was dropped 10 to $US1-124 from the previous level.May Comex copper fell 1.9c- or 1- to $US1.836 a pound. The price rose 2.2 last week.Copper has risen 19 so far this month.On the London Metal Exchange- three month copper dropped 1.6- to $US4-018 a tonne on Friday $US1.82 a pound. ...
Mon 30th March 2009 - 08:38am
Weakness in the commodity markets on Friday as the US dollar rose on a late outbreak of nerves about banks and other financial stocks.Dealers also said the news flow on the economies of Europe was also gloomy- showing an area where growth prospects have vanished- the UK economy fell by more than expected- as did Ireland- while France contracted by more than 1 in the last quarter of 2008.Manufacturing orders in the 16 country eurozone showed an economy slumping further- they fell 3.4 from December to be down 34 from January 2008.As a result major commodity prices weakened as the greenback rose.Oil- copper- gold- major agriculturals and other metals all finished lower on Friday.Some traders focused on the upside that seems to be appearing- despite Fridays weakness.Deutsche Bank raised its 2009 price targets for most base metals including copper on expectations the global economy will stabilize- while cutting calls for next year and 2011 on -amp quota slower than previously expected recovery -amp quot.The bank said copper may average $US3-288 a tonne this year- 17 above its earlier forecast.The bank said the metal will average $US4-189 a tonne in 2010 $US1.49-lb and $US5-071 in 2011- down 11 and 8.7 from the earlier predictions.Three-month copper has averaged $US3-478 a tonne in London so far this year- according to London metal Exchange figures.Copper has risen about 43 since bottoming last December on investors expectations that demand may revive in the worlds biggest economies- including China.The rally has been aided by strong suggestions not denied that China has been boosting stockpiles in copper and other metals.The bank raised their forecast for nickel this year by 20 to $US9-689 a tonne. The forecast for next year was little changed at $US and the 2011 forecast was dropped 9 to $US11-244 a tonne.Zinc was lifted 5.3 to $US1-155 a tonne this year but Deutsche cut 2010 estimates by 6.8 to $US1-350 and 2011 by 9 to $US1-786.Lead for 2009 was raised 15 to $US1-070 a tonne 2010s forecast wasnt changed and the 2011 forecast was dropped 10 to $US1-124 from the previous level.May Comex copper fell 1.9c- or 1- to $US1.836 a pound. The price rose 2.2 last week.Copper has risen 19 so far this month.On the London Metal Exchange- three month copper dropped 1.6- to $US4-018 a tonne on Friday $US1.82 a pound. ...
Mon 30th March 2009 - 08:38am
Australia shares seen lower on Wall St retreat
Australias June stock index futures YAPcm1 fell 37 points in after-hours trade to settle at 3-640 - a 32.3 point discount to the close in the physical index on Friday. ...
Mon 30th March 2009 - 08:27am
Australias June stock index futures YAPcm1 fell 37 points in after-hours trade to settle at 3-640 - a 32.3 point discount to the close in the physical index on Friday. ...
Mon 30th March 2009 - 08:27am
Spain makes first crisis bank takeover
MADRID AFP - Spains central bank took over a struggling savings bank on Sunday and prepared to pour in emergency cash- its first rescue in the financial crisis. ...
Mon 30th March 2009 - 08:10am
MADRID AFP - Spains central bank took over a struggling savings bank on Sunday and prepared to pour in emergency cash- its first rescue in the financial crisis. ...
Mon 30th March 2009 - 08:10am
Obama to unveil plans to salvage US auto sector
WASHINGTON AFP - With the US auto industry skidding toward an abyss- President Barack Obama unveils his plan Monday for the sector which has called for billions more in government aid to weather the economic storm. ...
Mon 30th March 2009 - 07:59am
WASHINGTON AFP - With the US auto industry skidding toward an abyss- President Barack Obama unveils his plan Monday for the sector which has called for billions more in government aid to weather the economic storm. ...
Mon 30th March 2009 - 07:59am
Sinopec 2008 net profit down 47
Chinese oil giant Sinopec says its net profit fell 47 per cent last year- as oil price volatility and government price controls hit its bottom line. ...
Mon 30th March 2009 - 06:43am
Chinese oil giant Sinopec says its net profit fell 47 per cent last year- as oil price volatility and government price controls hit its bottom line. ...
Mon 30th March 2009 - 06:43am
Germanys Hypo Real Estate will survive- CEO
BERLIN AFP - Germanys stricken Hypo Real Estate bank will survive- its head insisted Sunday- after the government said it would take an 8.7 percent stake in the lender as the first step towards full nationalisation. ...
Mon 30th March 2009 - 01:32am
BERLIN AFP - Germanys stricken Hypo Real Estate bank will survive- its head insisted Sunday- after the government said it would take an 8.7 percent stake in the lender as the first step towards full nationalisation. ...
Mon 30th March 2009 - 01:32am
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